CMSK(001979) Changjiang Securities·2024-11-04 02:45Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Insights - The company achieved a revenue of 78 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 2.9%. However, the net profit attributable to shareholders decreased by 31.0% to 2.6 billion yuan, and the net profit after deducting non-recurring items fell by 43.3% to 1.68 billion yuan [3][4][6]. - The decline in net profit is primarily due to a decrease in the gross profit margin, which dropped by 8.3 percentage points to 10.0% year-on-year. The gross profit margin for the third quarter alone fell by 16.4 percentage points to 6.0% [4][6]. - Investment income increased significantly by 131.7% to 3.7 billion yuan, mainly due to gains from equity method investments and revaluation of controlled equity at fair value [4][6]. - The company maintains a "green" status on its three red lines, with a continuous reduction in financing costs and a stable sales scale, ranking fifth in the industry [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 78 billion yuan, with a net profit of 2.6 billion yuan, reflecting a decline in profitability due to lower gross margins [3][4]. - The gross profit margin is expected to remain under pressure, but the company anticipates a stable outlook for the full year based on the completion of key projects [4][6]. Sales and Land Acquisition - The company recorded a contracted sales amount of 145.2 billion yuan in the first three quarters, a decrease of 35.9% year-on-year, but the sales decline is gradually narrowing [4][6]. - The land acquisition amount for the same period was 28.9 billion yuan, with a land acquisition intensity of 20%, focusing on core cities, where the acquisition amount in first-tier cities increased to 72% [4][6]. New Development Models - The company launched a rental housing REIT based on two quality projects, raising a total of 1.37 billion yuan. This marks the third REIT platform for the company, enhancing its asset management capabilities across various sectors [5][6]. - The company is leading in exploring new development models in the real estate industry, with a diverse portfolio of held properties and a steady release of value from existing assets [5][6].